The official poverty line in the United States was established by the government in the early 1960s.
Answer the following statement true (T) or false (F)
True
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Items bought by individuals to provide personal enjoyment are termed
A) consumption goods. B) personal goods. C) consumption or investment goods. D) standard goods. E) pleasure goods.
Some economists and policymakers who are in favor of government-provided health care believe that providing health care will generate
A) more adverse selection. B) additional moral hazard. C) positive externalities. D) greater asymmetric information.
If we have a small standard error, then
A) the estimated coefficient is small. B) the true demand function has imprecise coefficients. C) the expected variation of the estimated coefficient is small. D) the estimated coefficients are imprecise indicators of the true values.
Suppose that the quantity demanded of visits to a doctor per year is given by X = 12 - 0.05P, where X is the number of visits and P is the price the patient pays for a visit.
(a) How many visits would the patient make if he or she had to pay the full price of a visit, $100? (b) How many visits would a patient make if he or she was insured and had to pay only a 15% co-insurance payment per visit? (c) How many visits would the patient make if medical services were free?